FAQs on Unlocking a Locked-in Account if you are a Non-Resident of Canada

This page provides frequently asked questions on the unlocking of a locked in account for a non-resident of Canada.


Q1. How do the locked-in account rule changes impact non-residents of Canada?


A1. Effective January 1, 2008, a locked-in account owner who is a non-resident of Canada — as determined by the Canada Revenue Agency [New Window] for the purposes of the federal Income Tax Act — may apply to unlock and withdraw all the money in his/her locked-in account two years after departing Canada.  - 05/10



Q2. I am a non-resident of Canada.  How do I apply to unlock the money in my locked-in account(s)?


A2. If you satisfy the Canada Revenue Agency’s (CRA) requirements for being a non-resident of Canada, you need to complete and sign FSCO pension Form 5.  You then need to submit the form to the financial institution that holds the locked-in account(s) and ensure that it is accompanied by the following:


  • A written determination from the CRA that states you are a non-resident of Canada for the purposes of the Income Tax Act.        
  • Written consent from your spouse or a certification that you do not have a spouse.

If you are interested in finding out if you qualify, you can find more information on the CRA’s website [New Window].  Make sure you take a look at the criteria that the CRA uses for determining if a person is a non-resident of Canada.  Read NR73-Determination of Residency Status (Leaving Canada) [New Window] and Residency Status [New Window]. - 07/07



Q3. I understand that as a non-resident of Canada I can apply to unlock and withdraw all of the money in my locked-in account after living abroad for two years. Can I make this application at any age? If I already used the money in the locked-in account to purchase an annuity can I still apply?


A3. If you satisfy the Canada Revenue Agency’s (CRA) requirements for being a non-resident of Canada, you can unlock and withdraw money from your locked-in account(s) at any age.  These rules only apply to money that is held in an Ontario locked-in account when you submit FSCO pension Form 5.  If you already purchased an annuity with money that was previously in your locked-in account, you will not be able to apply to take money out of your annuity. - 05/10 

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FAQs on Rules for Ontario Locked-In Accounts

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